Copper Surges to Record High on Tariff Concerns
Copper futures have surged beyond $5.20 per pound as of Wednesday, establishing a new record high. This significant increase follows reports that U.S. President Donald Trump plans to implement copper import tariffs within a matter of weeks, reflecting a faster-than-anticipated timeline. Initially, Trump's directives indicated that the tariffs would be introduced later in the year, justified by national security concerns. In anticipation of these tariffs, there has been a marked spike in U.S. copper imports, recently reaching 500,000 tons—substantially higher than the usual monthly average of 70,000 tons—as traders are eager to secure supplies. Consequently, American companies are investigating alternative copper sources, especially from South America, to lessen the potential tariff impact. This upward trend is further influenced by Glencore's decision to temporarily halt shipments from its Altonorte smelter in Chile due to a furnace-related issue at the plant.
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